Africa’s Largest Economies – Top 20 Economies In Africa

Africa is by far the world’s poorest inhabited continent. Though parts of the continent have made significant gains over the last few years. The decolonization of Africa was fraught with instability aggravated by cold war conflict. Since the mid-20th century, the Cold War and increased corruption and despotism have also contributed to Africa’s poor economy. The biggest contrast in terms of development has been between Africa and the economy of Europe. The African Economic Outlook report specifically mentions that Africa’s trade with China has multiplied by 10 since 2001, reaching over USD 100 billion in 2008.

While no African nation has joined the ranks of the developed nations in the Organization for Economic Co-operation and Development (OECD) yet, the entire continent is not utterly impoverished and there is considerable variation in its wealth. North Africa has long been closely linked to the economies of Europe and the Middle East. South Africa is by far the continent’s wealthiest state in total GDP, accounting for 30% of the continent’s GDP in nominal terms and 24% by PPP. The small but oil-rich states of Gabon and Equatorial Guinea round out the list of the ten wealthiest states in Africa.

This entry below gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year.